Philip Rowley, HMV Chairman, said: "I want to thank Simon for his contribution to HMV. He has led the Company through a turbulent period for the entertainment retailing industry and has played an invaluable part in securing HMV's future, not least by strengthening relations with suppliers and successfully refinancing HMV's bank borrowings."

He said Mr Moore, who has been credited with a raft of improvements at Jessops,"has the right skills and experience to lead HMV in the coming years".

Mr Fox said: "I am proud to be leaving HMV with a profitable future secured. The appointment of Trevor Moore means that I will be leaving the company in safe hands."

The company, which trades from about 250 stores in Britain and Ireland, employing about 4,500, has been shifting its emphasis from fast-declining CD and DVD markets into the growth markets of new technology products. It has closed stores, and sold its Waterstone's book chain and Canadian arm.

It is facing intense competition from internet retailers and the rise of digital downloading as well as supermarket chains.

Mr Fox joined HMV from Kesa Electricals where he was chief operating officer with responsibility for Comet in the UK, Kesa’s subsidiaries in continental Europe and e-commerce developments.

He had previously been managing director of Comet, which he led through its demerger from Kingfisher.

Prior to this he founded Office World, Britain’s first out-of-town office supplies retailer.

Mr Fox began his career as a graduate trainee at Security Pacific Bank and thereafter worked at Boston Consulting Group and Sandhurst Marketing.